Lyondell Gets Court OK To End Exec Benefits

Law360, New York (October 27, 2009, 7:23 PM EDT) -- Lyondell Chemical Co. won bankruptcy court approval on Tuesday to cancel the remaining executive benefit plans — including enhanced health coverage, company-sponsored life insurance policies and supplemental pensions — of almost a dozen former top employees who objected to the move.

Judge Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York approved Lyondell's motion to terminate the executive benefit plans, refusing to grant carveouts requested by 11 employees who once held senior posts at the company's affiliates.

At a hearing...
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